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and the fiscal cliff deal while making sure the rich pay more. jeff flock with union back protests at wal-mart stores and diana on the dirty little secret those unions are not changing wal-mart workers. first to rich and some in washington, d.c.. how unions trying to persuade democratso avoid spending cuts? >> with a significant lobbying effort on capitol hill and a new advertising campaign targeted at democratic and republican lawmakers in pesylvania, virginia and missouri. the basic message is don't touch entitlements in the fiscal cliff tops we're having on capitol hill. honesty and one of the union says elected officials from both parties need to listen to the will of the voters and focus on rebuilding the middle class and strengthening our economy by investing in jobs, not cuts. as for the effectiveness of this campaign one conservative says this type of pressure from unions is nothing new. >> the fact that they are publicly saying what they have been privately saying helps the american people understand where obama's in trend and comes from but nothing has changed. >> the issue is i
of the fiscal cliff deal and? we chambliss has argued grover norquist has no plan to pay down the that. >> i will violate the pledge for the good of the country only if democrats and do entitlement reform really pledge to avoid the grief. melissa: but grover norquist fired back today. >> for the last 20 years they have kept the pledge and however that and the tax issue are very, very powerful. >> they will keep it again? >> so does it still hold weight to? lou dobbs is year. >> he says it is very, very powerful and at that he did not say it was powerfully relevant. it seems the republican party should pay attention. the sunday talk show host the content and guest does not materialize. it is an agenda for those talk-show host to pursue the attack is laughable because it is the add-on of organizing four obama. this is silly and grover norquist is engaging and they play their parts in their farce. the choice that has to be made in our current political system, the choice is the politicians will be honest to acknowledge the government cannot continue to grow, it cannot maintain its current size
about the prospect of reaching a deal to avoid the fiscal cliff but cbs reporter danielle hotting ham said they're also sounding some alarms. >> reporter: the senate returns today with just five weeks left to hammer out a deal to avoid the fiscal cliff. republican senator bob corker says lawmakers need to show some political courage to prevent tax increases and spending cuts from taking effect january 1st. >> there's a menu of options on the revenue side and on the entitlement side, and while there are two parties, they are willing to solve this problem, this is a very easy thing to do technically. >> reporter: republicans are hinting they may be open to a compromise that raises revenue but many are still firm they won't let bush-era tax cuts expire for the wealthiest americans. >> i would be very much opposed to raising tax rates but i do believe we can close a lot of loop holes. >> reporter: democrats say just closing loop holes and limiting deductions is not enough to make a dent in the nation's $16 trillion deficit. >> you've got to raise additional revenues, including tax rate
this weekend, stim facing that so-called fiscal cliff. if a deal can't be reached by january 1st, americans would face half a trillion dollars more than in taxes next year. that's coupled with $100 billion in cuts to domestic and defense spending. since the reagan era, most republicans have pledged not to raise taxes. but as nbc's mike viqueira reports, there are some signs of flexibility on both sides of the aisle. >> reporter: it's a pledge almost all republicans have signed, to oppose tax increases of any kind. that once solid wall was showing cracks. >>> the pledge you saw 18 years ago, 20 years ago was for that congress. the world has changed and the economic situation is different. >> reporter: but republicans insist in return for defying party doctrine, democrats must agree to changes in social security and medicare. >> i will violate the pledge, long story short, for the good of the country, only if democrats will do entitlement reform. >> reporter: activists on the left are lining up to oppose those reforms, but the president has put them on the table before. during last year's fai
hill say they are working hard and fast to avoid the fiscal cliff. if a deal is not met by the end of next month, tax increases and spending cuts will kick in. we have more from washington with signs of a compromise. >> reporter: back from the turkey dinners, lawmakers are fresh. for months, efforts to avoid the tax increases and $100 billion in spending cuts have failed. republicans have been unwilling to raise taxes and democrats have been refusing to cut social security and medicare. now all that is changed. >> i'm willing to generate revenue. it is fair to ask my party to put revenue on the table. >> reporter: senator lindsey graham will violate a policy not to raise taxes. >> from my side of the table, bring reform. >> reporter: the promises come with contingencies. many republicans want to raise revenue by capping tax deductions or closing loopholes. democrats are still trying to keep some entitlement programs out of negotiations. >> social security set aside. it doesn't add to the deficit. when it comes to medicare and medicaid, protect the program. >> reporter: distance fro
-called fiscal cliff. if a deal can't be reached by january 1st, americans would face half a trillion dollars more in taxes next year, coupled with $100 billion in cuts to domestic and defense spending. now, since the reagan era, most republicans have pledged not to raise taxes. as mike viqueira reports, there are signs of flexibility on both sides of the aisle. >> reporter: it's a pledge almost all republicans have signed. to oppose tax increases of any kind. that once solid wall was showing crass. >> the pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed, and the economic situation is different. >> reporter: but republicans insist in return for defying party doctrine, democrats must agree that changes in social security and medicare. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> reporter: activists on the left are lining up to oppose those reforms, but the president has put them on the table before. during last year's failed talks on a grand bargain and more recently in his f
about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, everything in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn't so good that china becomes a big importer of our goods again but isn't so bad the chinese govern
's a republican. that thee gop's say fiscal cliff deal is what defined grover norquist. let's hear congressman pete king of new york, a republican. he was on meet the press yesterday. [video clip] >> i agree entirely it. if i were in congress in 1941, i would have signed a declaration of war against japan. i would not attack japan today. the world has changed. i think everything should be on the table. i am opposed to tax increases. the speaker and majority leader and the president will be in a room trying to find the best package. we should not take ironclad positions. i would say john boehner has put together pretty good package and has been conciliatory in his language. host: that was yesterday. we are asking republicans what you think about indications from some republicans that they are willing to break their anti-tax pledge. here's the washington post story -- we will go to the phones to hear from kiev and, joining us from stafford, virginia. good morning. caller: good morning. if you listen very carefully, peter keane and even saxon chambliss and lindsey graham all said the same thing.
off the fiscal cliff than accept a deal that does not raise the tax rates. as much as you hear this talk it all comes to looking good through the republican house. we do not know yet. we know the staff's been working back and forthe. there's been all sorts of things floating around. to correlate for what the tax cuts would be for the rest of the decade. it's complicated stuff. both teams growing at it. i know they spoke over the thanksgiving holiday, but we are not close to a gentlemen's agreement like you're perhaps hearing from the a few united states senators, tamron. >> thank you very much. let me bring in news nation's senior political reporter lois romano and cnn contributor and strategist keith boykin. we touched on comments on morning joe. he released a little more detail. it says in part republicans aren't against tax rate hikes because of one man or a pledge. we're against hiking rates because they're bad for the economy and hurt jobs. our first team points out it seems like the parties are ready to agree to a large point for taxes on the wealthy. the down side is the
reform off the table as a component to any deal regarding the fiscal cliff. listen to jay carney. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but
. >>> more and more democrats willing to jump off the fiscal cliff rather than take a deal they don't like? the house's top democratic tax writer thinks that's a really bad idea. find out when sandra levin joins us later on the "closing bell." [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. get started at legalzoom.com today. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishare
to deal with the biggest economic issue of the day -- that fiscal cliff. john harwood on whether lawmakers are getting any closer to a deal. >>> and coming up on closing bell, pet smart's ceo robert moran will join us live to discuss how his company is faring this holiday season. that's all straight ahead. >>> if lawmakers do not act to save the economy from falling off the fiscal cliff, $490 million would be cut from the centers for disease control and prevention's national breast and cervical cancer early detection program. which would result in over 33,000 fewer women screened for breast and cervical cancer. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> lawmakers, their bellies full, are returning
. with level evidence of progress in striking a deal to avoid " the fiscal cliff. >> the series a tax increases and spending cuts set to go into effect next year would dramatically alter the economy. but the the joins reports. >> we must get an agreement. --athena jones.. >> this is not a done deal or a certainty if congress does nothing which they're pretty good about these days. we will go over the fiscal cliff. >> staffers have a working behind the scenes to find common ground to avoid cuts that should be concerning for everyone. >> they should be worried if we have a defense job or if we are dependent on others of the federal budget. the regulation of our food safety, and our borders being secure. or fbi. >> the sticking point is what to do about taxes. the democrats want to raise taxes for the wealthy and republicans to not. the anti-tax crusader had gotten a majority of the " law makers to pledge not to support any effort to raise taxes. >> i'm willing to recorgenerate revenue. where is below but i will not raise tax rates to do it i will cap deductions, and violates the pledge, long stor
at the top of the hour on "morning joe," republican lawmakers show signs of compromise on the fiscal cliff with some backing away from grover norquist and his anti-tax pledge. we'll discuss what that means for the livelihood of a deal ahead with the "morning joe" crew. >>> and when we come back here, we're going to huddle around the water cooler. we finally have a dollar value for what it would cost to ride a manatee. we'll be right back. [ male announcer ] introducing the new dell xps 12. part of a whole new line of tablets from dell. it's changing the conversation. ♪ >>> we told you at the top of the show that a congressional compromise might be in the works that would keep the government from going over the so-called fiscal cliff at the start of 2013. if a deal can't be reached, the vast majority of american families will be affected starting on january 2nd. if you want to sound smart today. >> i want to sound smart. what should i do? >> read the next one. >> how do i sound smart? >> tell your friends 90% of american households would face higher tax bills for 2013 if congress can't co
, there are -- 4:37, now, there are just five weeks until america goes over the fiscal cliff. susan mcginnis is in washington with what republicans and democrats now say they are willing to do to reach a deal. >> reporter: president obama and congress begin negotiations this week to avoid are the coming fiscal cliff, about $6 billion in tax hikes and spending cuts that will kick in. both sides say they're looking for ways to compromise. >> that's what it's about, if regan and o'neill can do it, obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key is whether or not the republicans will move away from the id logically rigid tradition which was the grove pledge that they will not go for additional revenue. >> reporter: for the first time the antitax pledge seems to be negotiable. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid the coming grief and republicans should put revenue on the table. >> reporter: but new revenue doesn't necessarily mean new taxes.
chairman talked about the fiscal cliff urging congress to negotiate a deal that will begin to take effect next year. he said the central bank will aid recovery but can't offset the full force of the fiscal cliff. from the economic club of new york this is about>> thank you very much. 50 minutes. good afternoon. it is nice of you to join me for lunch at this intimate gathering. i know many of you and your friends and neighbors are recovering from the events of hurricane sandy -- i want to let you know our thoughts are with everyone who has suffered during the storm and its aftermath. it has been a very challenging time for new york city. i think you have shown quite a bit of fortitude in coming back and getting back to business. my remarks today are going to focus on the reasons for the disappointingly slow pace of economic recovery in the united states, and the policy actions that have been taken by the federal open market committee to support the economy. in addition, i will discuss important economic challenges our country faces as we close out 2012 and move into 2013, in particular the
going on. you have to "fiscal cliff" and people are getting tired of the warnings but it is a real big deal. nobody quite knows what is going to happen. so you have got a push and pull and i will say through this whole thing, we have seen not a lot of panic, the puts are very cheap. so, i think that there is reason to be you know cautious on both sides. when we get more clarity, maybe we can move forward. >> are you thinking about avoiding any capital gains increases? >> yes, oh e yes. we talked about this from a trading style to be able to move. and then i think any of the winners that you have held onto for a long time, maybe a high dividend payer, i think we have seen it there. so yeah, good time to clean up your position and make take a little bit off the table and hopefully capitalize on some of this that if we do no get a deal it is you are going see it come. >> very good. >>> and that is all for first business for monday morning. now tomorrow come back because we are going have run dun of what stocks are getting the healthy boost. do not miss it.
will be blamed if there is no deal and the country falls off the fiscal cliff. about a third say the president should get the blame. and about 15% say you know what? both sides get the blame. >> let's focus on those republicans. a lot are saying they will violate grover norquist's no tax pledge. >> this pledge goes back to 1986 and you're now seeing some republicans saying no i'm going to break this pledge. lindsey graham from south carolina, the most recent saxby chambliss did it the other day. those republicans senators up for re-election in 2014. maybe they'll face a challenge from the right. take a look at what lindsey graham said on the sunday talk shows. >> when you're $16 trillion in debt the only pledge we should be making to each other is to avoid the coming grief, and republicans, republicans should put revenue on the table. we're this far in debt, we don't generate enough revenue. >> and that's his key difference here. he says he's okay with the no taxes but we do need to raise revenues and if that means cutting back on such things as tax rates, he will do it. also he says the democ
that will go up if they don't come up with a deal to avoid a fiscal cliff at the end of the year. and tonight, what could be a turning point. some republicans saying they are now willing to break that pledge of no new taxes. david kerley at the white house tonight. >> reporter: with some shopping done, president obama may be getting a gift from some republicans, republicans who signed a pledge never to raise taxes. this morning on abc news, a leading senator. >> i will violate the pledge. long shory short, for the good of the country if democrats will do entitlement reform. >> reporter: and pete chambliss says he will not abide by the pledge. support from a vocal house member too. >> i agree. a pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed and the economic system is different. >> reporter: they are talking about that man's pledge, americans for tax reform president grover norquist who has hundreds of republicans signed. >> do you feel you are under assault? >> no. it allows elected officials to make it clear openly to voters where they stand. are the
's a deal before the end of the year, avoiding going over the so-called fiscal cliff, are you also including raising the nation's debt ceiling, because it's got to come uby february or march, i take it? and everyone doesn't want to go through this nightmare once again then. >> that's absolutely right f. you look back at what happened last year, it was a completely self-inflicted wound. congress didn't raise the debt ceiling in an orderly fashion and it literally brought the economy close to its knees. it's taken us a while to build back confidence since then. consumer confidence is now back up to a five-year high. so it's important that we address the debt ceiling and the other issues facing us at the end of the year. >> in your report -- i read it -- that was release this had morning, i didn't see any mention to extending the payroll tax cuts. if it's not extended, that's going to lapse and cause a lot of pain for a lot of middle class families. what's your thinking on that? >> in our report, we focused on the effect of not extending the middle class tax cuts. the senate has passed an exten
and options because they think that, you know, the probability is that we will get a deal on the fiscal cliff. others think that the vix just isn't tracking it very well right now because you won't begin to hedge your bets until you get closer to the deadline. we will see which way it goes. liz: you know, they are not wrong. the vix used to be. this market has evolved so much. there are many different ways of getting in and out of things. i think you are right on that. we will see you later. >>> 50 states, all 50 will feel it in some way or another if we hit the fiscal cliff. how bad? how not so bad? just 35 days left for congress to reach a deal on the budget. now, if they can't, as you know, more than 600 billion dollars in tax hikes and spending cuts kick in. some states not waiting around at all. we decided to launch governor's on the edge. find out what the leaders of each state are doing all week long. finding out what they are doing in this period of tremendous uncertainty. we kick things off with pennsylvania governor thomas corbett in a fox business exclusive. and you are first up in
to washington this week and with just 36 days left to avert the so-called fiscal cliff becoming more apparent that senate republicans want a deal and they would like one pretty quick. but while there may be a bi-p t bipartisan consensus to raise taxes on the wealthy, the sides are still far apart on where the revenue will come from. staff level negotiations are a little bit more than stalled. not fully stalled but they didn't go so great last week and it's unclear where speaker boehner will get the votes for a deal that would raise tax rates. which is why he's pushing against that idea. two senate republicans up for re-election in 2014 have bucked norquist saying they are willing to let taxes ride. chambliss spoke to his hometown station. >> that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly. and i care more about this country than i do about a 20-year-old pledge. >> on sunday south carolina senator lindsey graham also broke ranks saying the norquist pledge can no longer be a conservative litmus test. >> when you're $16 trillion in it debt,
, the fiscal cliff. come along for the ride. >> we had a very constructive meeting with the president to talk about america's fiscal problems. i outlined a framework that deals with reforming our tax code and reforming our spending. i believe the framework that i have outlined in our meeting today is consistent with the president's call for a fair and balanced approach. to show our seriousness, we have put revenue on the table house speaker boehner -- on the table. >> house speaker pinera today after a meeting -- house speaker john boehner after a meeting at which the white house. does that mean that republicans are considering raising taxes on wealthy americans? >> yes, but there's a divorce between raising revenues and raising rates. and i'm afraid that half of washington, the liberal half, has an inability to understand. you can keep rates the same, or even lower them, as was recommended by the president's own debt commission, which he rejected, if you broaden the base by eliminating deductions and credits and all kinds of exemptions. that is how they did it in 1986. in the reagan-o'neill
much can evidence of real progress on avoiding the fiscal cliff. members of congress expect optimism today about the prospects of reach ago deal to avoid the sear of tax increases and spending cuts. democrats and the president wants to raise tax rates for the wealthy, republicans don't. there are more now breaking with grover nord qwest had gotten a majority of republican lawmakers to not support any effort to raise taxes. this morning, senator lindsey graham said that for the good of the country he is ready to violate the antitax pledge. >> i think grover is wrong when you can't cap deductions and buy down debt. i want to buy down debt and create jobs but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> it's not clear when lawmakers and the president will meet next. >> fans of comediancast william are suing him after a performance in oklahoma. >> we now know what is behind a gas explosion in massachusetts. >> the items you'll most likely see the biggest discounts on cyber monday. >> leigh: ifit's a dry weekend.
it in the new year? >> i think that first of all in terms of the fiscal cliff, it's got to be a framework deal. you're not going to get legislation in a lame duck. so calculate what the tax revenue number needs to be. take the president's and you get a deal. if there's a tram work $4 trillion deal over ten year, legislation can be codified and enacted after the fact that solidifies that, then you've bridged comprehensive tax reform. i think the keys are revenue neutrality, broadening the base, eliminating the loopholes, the devil's in the details. but i think there's also recognition that corporate comprehensive tax reform needs to occur. both sides of the aisle wanted to wait until the election is over. it's over. we have to tackle is. >> but now we're waiting again until we get closer to the next election. >> no, we can't wait. becky, you know we have the highest corporate tax rate in the world. you can only wait so long. consumers are borrowing again. i think they're pretty healthy. corporations are very healthy from a balance sheet perspective. the first thing in the conversations with sen
on the so-called fiscal cliff. some republican lawmakers are talking compromise as they try to reach a deal to avoid the tax increases and spending cuts due to kick in early next year. susan mcginness is in washington with all details this morning. good morning to you. >> talks are starting on capitol hill this week amid new signs republicans are willing to take a new look at an anti-tax pledge they made. president obama and congress begin negotiations this week to avoid the coming fiscal cliff. about $600 billion in automatic tax hikes and spending cuts that will kick in at year-end. both sides say they're looking for ways to compromise. >> that's what representative government should be about. no one gets all they want. if reagan and o'neill could do it, boehner and obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key here is whether or not the republicans will move away from the ideologically rigid position which has been the grover/norquist pledge which most of them signed that they will not go for addit
to overt the fiscal cliff so congress can work on on a bigger deal in 2013. but in an op-ed, republican senator bob corker says both sides need to carve out a $4 trillion package that includes both revenue hikes and spending cuts by the end of the year. >>> still to come, the miss crest shopping day of the year for online retailers. snapping up deals on big ike ket item. we'll get a look. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> today is cyber monday. analysts say it's not as big a day as it's been in past. so many people shopping online over the weekend. but com score still says sales might reach $1.5 billion. pierce, sunday it earlier, consumers appear to be on fire. >> kind of defies gravity a little bit. but with the consumer confidence data in the last three months, the consumer confidence numbers are up at five year highs. >> how do you trade that? >> you can trade --
and democrats are doing to reach a deal to avoid the fiscal cliff. >>> and the shocking discovery at the macy's thanksgiving day parade. >>> and it's anything but a yacht goes up in flames, how the people on board all managed to get out alive. ♪ [ female announcer ] those who look to fuel body and mind with the simplest of grains, they are not hard to find. just four ingredients, it all starts here. just as it was back 100 years. from the seed to the spoon, simple things go into every flake, every bite, genuine, true. the simple grains cereals from kellogg's. start simple. start right. the simple grains cereals from kellogg's. been shopping so smart, cash back with your freedom card getting cash back on what? close shave and haircut fan for the ceiling. you're gonna cool off that hoooounddd! tonight you gotta get your cash back, on new slacks. use freedom on lunch with jack. everybody get! everybody get! get your cash back. saturday morning. it started on the 80 fo >>> well a yacht caught fire off the coast of miami beach on saturday morning. it started on the 80-foot vessel, about 15 miles
-called fiscal cliff. president obama expressing optimism they can come up with a deal to prevent automatic spending cuts and expiring tax breaks just into fox, the white house spokesman, jake carney, reports president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries,
support for a deficit deal. as negotiations continue over the fiscal cliff, we go back to august 2011. reviewing some of the debate and news conferences, the budget control act created those cuts set to take effect in january. that begins tonight at 8:00 eastern here on c-span. >> you listen to maitre bloomberg who said that the damage was unprecedented. that it may be the worst storm the city has ever faced. governor christie said the damage in new jersey was unthinkable. we had a fires. we had hurricane-force winds. we had massive of flooding. we had feet of snow. you look at that, the flooding of the subway systems, the shutdown of the stock exchange, you start to get a sense of the massive scale and scope of this storm. and yet, the networks performed. carry dozens of stories about how many consumers only wink to information was through their smartphones. linking social media and their smartphone. while there was obviously an impact, i think the networks performed really well. >> some networks did well, some networks did less well. we do not have a solid information about this bec
's economic future. eric cantor is in the house. he will weigh in on the fiscal cliff and whether or not washington will get a deal. >> i don't want to prejudge any of this. listen, bottom line is we can't have sequestration, we can't go off a fiscal cliff. we have to show the world we're adults. the election is over. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. d bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. martha: it's 33 minutes past the hour now. time for a look at some of the headlines we are looking at this morning. a shocking find at the macy's thanksgiving day parade. a college student reportedly found social security numbers and police reports on the strips of confetti that were range down all over the par
401(k) -- of your 401(k) could become that sacrificial lamb as they hash out this deal on the fiscal cliff. this group is spearheading a movement, what they want to do is make everybody aware of the possible implications of going off the cliff. a big part of the fiscal cliff is tax reform. if congress and the president do nothing by the end of the year, employees could be in danger of losing some benefits attached to their 401(k)s. we talked with brian graph, with this group, he says the big worry is that congress could reduce how much employees can put into their plans on tax deferred basis. so you look at currently what we can do, workers can put up to $17,000 into their 401(k)s every year. you see that cut all the way down to $10,000. that's a huge difference, brooke. >> is this, you know, i know it is big companies, does this also affect small businesses? >> oh, yes, yes. and exactly, yeah. many small business owners are -- could consider just getting rid of their plans if the costs are to outweigh the benefits that would have a huge impact. employee benefit research institute fi
. >>> meantime, lawmakers expected to meet for a compromise deal on the fiscal cliff. plus some news crossing, the president and speaker boehner did talk on the phone on saturday. john harwood live in washington with the latest. john? >> carl, you know, the president and the speaker had a conversation over the weekend. there haven't been too many meetings at the staff level or the principals level. but there has been something that changed about the atmosphere post election. and what you've seen is more and more republicans coming out and being willing to say out loud they're willing to raise taxes of some kind. whether or not it's tax rates or tax revenue in a way they weren't willing to do in 2011 when john boehner and the president were negotiating an attempted grand bargain then. we saw one on the sunday shows over the weekend, that was lindsey graham of south carolina and then bob corker of tennessee. let's take a listen to their comments. >> i agree we shouldn't raise rates, but i think grover is wrong when it comes to we can't cap deductions and buy down debt. what do you do with the m
on tuesday. the so-called fiscal cliff is the biggest item that is sitting on the congressional agenda. if president obama and congress don't reach some sort of deal, huge tax increases and spending cuts would automatically kick in january 1. todayself republica selveral red away from a pledge banning tax increases. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i want to cut rates to create jobs, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> i agree with saxby chambliss. a pledge you signed 20 years ago, 18 years ago is for that congress. if i were in congress in 1941 i would have signed -- supported a declaration of war against japan. i'm not going to attack japan today. the world has changed. >> does it mean we might be closer to a fiscal cliff compromise? athena jones takes a closer look. >> reporter: that's, of course, the big question here. we know in the meeting the president had with
cliff with republicans possibly maybe looking to make a deal. with the deadline now just 36 days away, some top republicans suggest they could, shock, horror, break with their sacred pledge to grover norquist. >> i'm not obligated on the pledge i made tennesseans aware is just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> there's a lot that has been said about this pledge, and i will tell you when i go to the constituents that have elected -- re-elected me, it is not about that pledge. it really is about trying to solve problems. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> sounds great, doesn't it? only one problem, this apparent kiss-off to the anti-tax guru appears to be pure lip service. as mr. norquist himself expressed this morning in somewhat colorful language. >> no pledge taker has voted for a tax increase. we've had
. >> the fiscal cliff sparks talks of compromise on capitol hill. >> without a deal spending consults and tax increases will kick in at year's end likely sending the country into another recession. >>> several republicans back away from a tax increase. >> if congress does nothing, which congress has gotten pretty good at doing these days we'll go over the fiscal cliff. >> we have to show the world we're adults. the election's over. president obama won. >>> it's a big weekend for shopping. it isn't over yet. today is cyber monday. the biggest day for online sales. >> shoppers are expected to spend $1 billion 1/2 today. >> and some like to shop in bunny slippers. >> and fret mohammed morsi granting himself extra powers. >> sending the country's stock market into free fall. >> buy a ticket for this wednesday's powerball lottery, you could win in the megaball. >> bradshaw with the touchdown. >> giants tommenate. >> officially a time-out. >> cheerleaders shave their head to support the coach diagnosed with leukemia. >> and all that matters -- >> suddenly changes into
freaks out or not about the fact that we've gone over the fiscal cliff. if they do freak out, that could have an impact and cause a recession because of the wall street impact. >> and the premise of your analysis there is that we're looking at late deal or early deal. nobody really thinks that there will never be a deal. and so what you're saying, what, if it was three weeks out or late january or after the inauguration, we'd still have, something is that it? >> yeah in, my take, and i disagree with some people on this, my take is we go right up to the last minute before there's a deal because washington lives on the last minute. they can't do anything without being prompted to do it. they love a crisis and will get a crisis this winter. the question is whether we actually go over the fiscal cliff for a couple of days or week or so before we get that deal. by allowing those bush tax cuts to expire, a lot of liberals say, hey, wait a second, let them expire. it happens automatically. we don't have to do anything and we get what we want. so there's a tactical reason for some people in wash
look from what is on the table with the fiscal cliff? >> that's a good question. let me read to you what congressman peter difazoo told politico. if the republicans can't see their way to significant additional revenues target to the people who are best off and passive income and other things like that, then we're better off going over the cliff and readdressing this with a better congress in january so then i guess the question becomes will things be much different with this different congress if the leaders are the same. >> we are going to have new house members. look, we have seen senate republicans say that they are willing to negotiate and change some things on taxes. the thing i am wondering, though, chris, is with all of these senate republicans who are very conservative coming out and saying that they're willing to raise revenue, are they providing some cover for more house republicans to come to the table this week? that's the real question. we're looking at house republicans and will they be willing to do a deal? maybe it is that there are some more moderate republicans, d
. the president called them in to discuss how these potential cuts that will be required by a fiscal cliff will impact their constituencies. but we cannot in the african-american community deal with them exclusively and outside of the rest of the american agenda. this is not just about -- >> having said that, i'm sure you've heard about the hundreds of thousands of people who are signing petitions to secede from the union. it's going to president obama's website. what do you make of that? because it seems that we're more divided than ever. >> i think that is just the latest round of what one might call visceral insanity from some people in america. first, it was the birther movement. and then it was something else. and now it's this kind of insane secession notion. we still struggle in america, dealing with issues around race and class and ethnicity. and the fact of the matter is, the president was re-elected in an overwhelming fashion. many people, including those that were appearing on your show and others here on this network, were predicting that african-americans would not come to the
of fiscal cliff. and so they have three legs necessary to make a deal . yes. they need to generate the revenue. and we need to have certainity. it is entitledment. and we don't want to become greece. >> gretchen: how do you answer that. that doesn't begin to cover the cost of the entitlement programs. how will they answer the answer the americans about that. >> the tax cuts, there is four twillion cut. and all kinds of ways to cut the fraught and abuse. it is clear that republicans need to give in on the tax cut issue first? >> i guess so. we'll see if that is how it goes when it all comes to the table. they are playing nicey nicey but not yet back to work. thank you so much. >> great to see you. >> call it a low jack for women and wives forced to wear collars and so their husbands can track them? this is 2012 and 13. it is not just a dollar and dream. it is a strategy for the jackpot. a man who won the lottery several times here to share his secrets for us. and she's only 31. ♪ [ female announcer ] you can always measure the growth of your children by the way they clean themselv
were both the fiscal cliff? they said the fiscal blitz? i said it is kind of like a fiscal blitz. >> it does not mean the stock market itself isn't going to react negatively to any deal that comes out with continued problems in europe. david: despite the fact that you are a bull, you only have 8% of your funds in u.s. stocks. why? >> the picture is better from a fundamental standpoint. you hear so many headlines of what is going on in europe and greece. almost generational lows. a lot of the risk is already been taken out.pensive markets in the world. not but 20 or 30% maybe 4%, 5% of u.s. you have to look elsewhere. liz: what are the three areas you like most? speaker in the u.s. overweight financials foreign. we're getting higher exposure to a lot of european countries. some emerging countries outside of europe, thailand turkey, that has had a particularly good momentum. a phenomenal run many index was up 15, 20, 30%. you have the perfect environment for them with high yield environment and they should do very well. still holding a nice chunk. david: a very strange situation, a
a month left to reach a deal avoiding the so-called fiscal cliff. but there are new signs that lawmakers may be willing to compromise. a growing number of republicans are slowly backing away from grover norquist's anti-tax pledge. saying they're open to letting revenues rise if democrats do their part in the budget talks. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you signed 20 years ago, 18 years ago is for that congress. for instance, if i were in congress in 1941, i would have signed the declaration of war against japan. we're not going to attack japan today. the world has changed, and the economic situation is different. >> so peter king is telling us, mike barnicle, not only is he going soft on taxes, he's going soft on japan. >> i know. >> it's not just peter king on the taxes. it's a big step, don't you think? >> it's a big step. >>
%. >> what is the fair share? you will pay it. you tell me we will solve the fiscal cliff, we'll solve the debt problems, we'll deal with a dysfunctional government, we will resolve that, you tax me, you tell me what the number is, my wife and i will sign up. the fact of the matter most americans feel the same way but that isn't the issue. the issue is over 60% of the federal budget right now is going to entitlements. it is unsustainable. we have $4 trillion in unfunded and unfunded liabilities to public employees whether at local, the state, the county or federal level. we have a crisis here and we have, we have elected officials in both parties of the senate, of the house, and the white house acting irresponsibly and i think frankly, if it weren't so serious it would be laughable because they continue to posture. they will have their little charts out there. they will have their little pies. their little bar charts. it is really going tock comical. megyn: it is a populist argument. we the administration don't want to tax the middle class. soak the rich to pay their fair share. >> the
what would happen if we went over the fiscal cliff. the combination of higher taxes and spending cuts are estimated to take 4% out of a relatively weak gdp. even if we do not and some deal is struck, the combination of eliminating the payroll tax reduction, which seems to be something the administration supports, that, together with some base broadening, would probably be at least 2% of gdp. if there is going to be a deal, it would involve spending cuts as well. even if we avoid going over the cliff, it looks like there will be substantial fiscal contractionary impact next year. in that environment, what can the fed do to try to offset that to make sure that it does not take us to the edge of ore over the edge of a recession? >> we will see what deal comes out. but you are correct that even if the most extreme scenarios are avoided, some plausible scenarios still involved relatively contractionary fiscal policies over all. i made that point in my remarks when i said that under most plausible scenarios, no matter what happens, the tightening of federal fiscal policy will outweigh the s
with one big issue staring them in the face. how to avoid going over the so-called fiscal cliff? if they do not reach a deal your taxes could rise and sharp spending cuts would go into effect as well possibly triggering a recession. chuck todd is nbc's political director and chief white house correspondent. chuck, good morning to you. >> good morning, savannah. >> the goal here is to get a deal that reduces the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and the sticking point at this stage is how do you go about making the wealthiest pay more? do you do it by raising the tax rates? that's what president obama wants to do. wants to raise the tax freights 35% where they are now up to where they were during the c
falls off the fiscal cliff. >> we've heard both sides fighting. what do americans say they want to see in the deal? >> they want compromise, and what do they specifically want? look at these numbers. two-thirds say they want spending cuts, and some tax increases combined. only about 3 in 10 say just spending cuts. and john, it's interesting. when we asked just republicans that same question, slight majority said, yes, spending cuts and tax increases. >> interesting. do people think there is going to be a deal? >> not so optimistic. look at this question. this was asked by holland, our polling director. he asked, do you think washington officials, people doing these negotiations, will act like responsible adults, or spoiled children? well, i think it's pretty clear what the answer is there. two-thirds said spoiled children. and if there is no deal, the blame game. who will get blamed more? look at this number, 45% say republicans in congress will get blamed. only 34% said president obama will get blamed, and 15%, everybody is going to get the blame if there is no deal. john? >> spoiled
and they are ready to tackle the fiscal cliff crisis. lawmakers are ready tro compromise. >> lawmakers are ready to give in on tax changes in order to get some sort of a deal done. kelly wright joins us with more on what it means for the negotiation. we could be looking at possible tax hikes, isn't that right? >>> oo the government is on automatic pilot. that is five weeks away. for congress there is much work to be done and more compromise to be made in order to avoid the fiscal cliff. it will require give and take negotiations particularly on raising taxes but republican law americas who pledged to not vote for anything with a tax increase now appear ready to relinquish that pledge in order to avoid the looming fiscal crisis. >> when you are $16 trillion in debt the only pledge we should be making to each other is to avoid the grief and republicans should put revenue on the table. >> so everything is on the table and campaign raising taxes on the wealthy is relying on treasury secretary tim geithner. his team will works on issues like medicare even social security. they hoping to avoid a repea
to prevent falling offer the so-called fiscal cliff. if not, it would trigger more than $500 billion in automatic spending cuts and tax hikes. >>> a series of tax increases and spending cuts that could do damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise, i think, first of all, the markets are going to start reacting. >> it's not a done deal, and it's not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> staffers have been working behind the scenes to find common ground to prevent across the board cuts lawmakers say should concern everyone. >> you should be worried if you have a fence job, and we all ought to be worried if we are dependent upon other aspects of the federal budget, whether we're worried about the regulation of our food safety, whether we're worried about our borders being secure, or whether we're worried about an fbi being supported. >> a key sticking point is what to do about taxes? democrats and the president want to raise tax rates for
? 35 days left till we reach the fiscal cliff. and a couple of key republicans are now suggesting that they're willing to forego their no tax pledge to try to get a budget deal done and avoid massive tax hikes, and spending cuts that will come in the new year. brand-new cnn/orc poll shows that is, in fact, affecting the american people. 68% say they believe falling off the fiscal cliff could trigger major problems for the country, maybe even a crisis. brings us to dan lothian at the white house this morning. dan, good morning. senate goes back to work this afternoon. the house will return tomorrow. what could really be done by lame duck congress? >> well, look, the hope is that there will be some kind of compromise here, because as you pointed out most americans believe that if there is no agreement there really could be a crisis here. so you are seeing some softening from republicans who took that no tax pledge back to 1986. first it was saxby chambliss. now south carolina republican senator lindsey graham. take a listen. >> when you're $16 trillion in debt, the only pledge we sh
it both ways. you can't take the country off the fiscal cliff. first, you just can't control it. you don't know what will happen in the world if we have another budget crisis. it could be cataclysmic. and you can't humiliate the republicans on your way to a deal. you have to have reform of medicare, tied with the tax increase for the rich. that's the deal. everybody knows it's the deal. it's doing it in a respectful way that gets you there. >> it's also because the other priority, carly, you don't get to economic growth unless you find a way for the government to start investing more on infrastructure, on things that are going to create jobs, even in the energy sector. >> absolutely. look, i -- let us accept reverend al's point and the president's point about fairness. but equally it is not fair that public employee union pensions and bhenefits are so rich now that cities are going bankrupt and college tuition is going up 25% and 30%. and police and firefighters are being cut. there's a lot that isn't fair right now. and a lot of where money is being spent isn't fair either. so we've got
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